Economy

Fed Vice Chairman Stanley Fischer to Step Down

Fed Vice Chairman Stanley Fischer to Step Down

Fischer will retire from the Board of Governors by October 13 for "personal reasons", leaving his leadership post one year early and cutting his general term with the Fed two years short.

He cited "personal reasons" in a September 6 resignation letter to President Donald Trump, released Wednesday by the central bank.

He was appointed to the Fed by President Barack Obama in 2014 to a term as vice chair that would have expired in June 2018. Quarles' nomination is still pending before the Senate.

The vice president of the US Federal Reserve Stanley Fischer announced his resignation on Wednesday. "Having a complete board of governors, including members with banking experience, is important as the Fed moves forward with needed regulatory reforms and critical monetary policy decisions".

He was Governor of the Bank of Israel between 2004 and 2013. "You're talking about a lot of turnover when uncertainty about Fed policy is already high".

"All of us have been focused on transition at the Fed, but the one we were thinking about was Janet Yellen", said Carl Tannenbaum, chief economist at Northern Trust Corp.in Chicago and a former Chicago Fed official. One potential candidate was Gary Cohn, a former top executive at Goldman Sachs, who now lead's Trump's National Economic Council. Before entering the world of finance, he was a professor of economics at the Massachusetts Institute of Technology from 1977 to 1999 and associate professor from 1973 to 1977.

"Capital markets generally hate transition. and it appears that we will now have wholesale change at the Fed which is the last independent and competent part of USA policymaking apparatus", Schlossberg said.

That could make it harder for the Fed in the future to slice interest rates to ultra-low levels, as it did in 2008 and 2009, amid the financial crisis and Great Recession.


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